FFIEC Urges Financial Institutions
Not to Forget Lessons Learned from Year 2000 Project

Bank, thrift, and credit union regulators issued
today a document discussing lessons learned from the preparation for the
Year 2000 date change, and urged financial institutions to incorporate
the knowledge gained from that experience into future project and technology
risk management.

Through the Federal Financial Institutions Examination
Council (FFIEC), the federal regulators of these institutions today issued
"Lessons Learned from the Year
2000 Project." In releasing the document, the FFIEC urged financial
institutions to conduct their own review of lessons from the Y2K effort
and incorporate them in future project management processes and technology
risk management. The FFIEC believes that the best-prepared institutions
possessed most or all of 10 characteristics:

Senior management and director involvement to ensure that the project
plans were clearly defined, supported and monitored;

Consolidation, elimination or integration of technology on an enterprise-wide
basis by developing current inventories of information technology systems
and applications;

Improved oversight of service providers, software vendors and consultants;

More formalized and effective strategies and standards for testing
information technology systems;

The FFIEC is sending the lessons document to directors
and chief executive officers of all federally supervised financial institutions,
service providers, software vendors, federal branches and agencies, senior
management of each FFIEC agency, and all examining personnel.

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Last Modified: 01/21/2015 10:45 AM